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AIG’s High Cost of Hiring Duperreault

May 17, 2017

American International Group’s decision to recruit Hamilton Insurance Group CEO Brian Duperreault as its next leader won’t come cheap.

To begin with, AIG will pay Hamilton $20 million to release Duperreault from contract restrictions that would prevent or restrict him from working for AIG or serving on its board of directors, according to AIG’s regulatory filing on the matter.

That waiver agreement also calls for AIG to pay an additional $20 million once Duperreault completes his second year as CEO, which would still be in play even if the 70-year-old Duperreault is no longer AIG’s leader “due to his death or disability.”

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